Binary Options. Beware!

And what’s about other binary options brokers? I scanned 24option review on their comments about 24option broker, that seemed not bad. So I dealt with this broker and basically had no problems, I did not lose my money. And I really cannot understand whether scam reviews on Internet are truthful, or they are like black PR.

I heard about binary options only recently so forget the newbie question… So if a broker is not regulated how do i know it’s trustworthy and what kind of a deposit is okay in your opinion…?

Binary option trading is easier to trade even if you are a newbie, however it is always recommended to start with a regulated and honest broker. Most important while starting with any broker, start with minimum deposit to check their worthiness and other processes.

I believe that it’s better to trade with a regulated broker, as there is at least some assurance that you won’t be scammed. Deposits and services of regulated and unregulated brokers do not particularly distinguish. So, if the average deposit of a legit one is $250, and of non-legit it is $200-$300, of course you should choose the regulated one. An example to read can be Opteck review.

Hi,
My name is Rebecca .I used to work in a big binary option company; I was in charge of the trader’s charge backs. I can help you get your funds back.
You can PM me to <[email protected]> or visit my website: winchargeback

I can’t seem to find any legit Binary Brokers in Canada. Seems to be 99.99% scammy.
And yes i know that Binary Options are a grey area in Canada and technically no brokers are regulated in Canada.
And knowing that I would be dealing with an offshore broker, which has the best reputation.

Here is a list of Red Flagged Brokers in BC, Canada. (potential scams)

CSA Investor Alert: Unregistered binary option platforms target Canadians

Any suggestions on who would be best to deal with as a Canadian Investor?
Or should I stay away from Binary Options altogether?
Seems to be a mixed reaction to them as a legit form of high-risk investment.

Thanks all from the warning to the community. Most of it is correct.

Your accounts of scam etc are great. But I need people to read this post. Ive witnessed a much deeper, organized, darker place behind the thefts. Needless to say for security I wont divulge the who what where whens.

Stay away from binaries. I opened a small account, made a few trades, and decided it was not for me. Now I am having trouble getting my funds returned.

Did you accept a bonus? ANd which broker is it?

To sofaking, no and NADEX.

Surprised to hear it’s NADEX. They’re supposed to be probably the most reputable of binary options brokers/exchanges.

May be things are getting desperate, I don’t know. Each time I ask for a refund they reply with a request for more information to prove who I am—bank statement including routing number, it must show the NADEX deposit. Been trying for more than a month now–phone and Email. NADA

Are you sure your account is verified? And are you asking for withdrawal to credit card or bank account or what? pretty sure Nadex are a reputable company.

Stay away from Iseebinary, one of the Canadian regulators warned that they’ve already scammed a widow out of all her savings, who wired her money to Option Ventures. I can’t figure out whether that’s the same company, I am assuming it is.

From all my research Binary Options are pretty much a form of online gambling. I suppose if you use the same risk rules as blackjack or poker or other forms of gambling, you might have a chance of NOT losing too much money. But overall its just a form of entertainment, like online poker, and shouldnt be considered a REAL form of investing.
Forex is a legit place for traders.
Maybe once North America Regulates the Binary Operators, and bans the 90% who are con-artists, Binary will be taken more seriously. For now, I will stay far far far away from this market.

The binary options market is fraught with scammers, unfortunately. New Zealand’s watchdog FMA recently warned about another scammer - FMTrader binary options broker is not registered on the country’s Financial Services Providers Register and investors should be wary.

According to the statement on FMA’s site, FMTrader representatives have been cold calling and soliciting New Zealand residents.

I was interested like topic starter, and opened couple BO accounts. Just take simple calculations:

  • You can’t contoll your loses size, so every loss is very high compare to position size (maybe 50% dont remember exact)
  • You can’t contro time when position will close (this is most important), so positions often closed in losses, even if you play by trand.
  • You must win in 60% of trades to keep account size and win in 70% trades to gain profit.
  • Spikes and strange chart jumps are very often, looks like “normal” currency charts are modified to simulate “market activity”.

This “binary options” are online game you can’t win, just like “online casino” but in “finansial like” form.

I agree. Binary options are always rigged against you, even when you’re working with a broker that’s not supposed to be a scammer. They’re all there to make money off your gullibility. Take EZTD, for example. The US Securities and Exchange Commission (SEC) said on Thursday it has charged Israel-based binary options and forex broker EZTD Inc. with misleading investors and has ordered it to pay more than $1.7 million. The broker has lured investors into trading binary options over the Internet without disclosing them the associated risks.
EZTD has agreed to forfeit approximately $1.5 million in revenues obtained from US customers and to pay a $200,000 penalty.

If they’re doing that, what just how dishonest are the smaller, unknown entities on the market?

I have started with binary options and am finding it tricky but I have been watching the realtime market with the bollinger bands and the MACD lines and I’m not earning a fortune but it is interesting. I knew nothing of any of the forex and am still learning but I think if you don’t look into it it is just a gamble.

The UK Financial Conduct Authority (FCA) recently issued a warning against unauthorized binary options broker Sigma Option, a brand of BR23 Ltd. They weren’t authorized to operate in the country and yet they were soliciting clients. More importantly, the broker didn’t provide any kind of information about registration and regulation. Don’t ever trust brokers - binary options and otherwise, that is licensed and regulated, and whose information you cannot double check with the regulator.